According to the docket posted, on October 20, 2000, the Court entered the Order by U.S. District Judge Franklin D. Burgess granting the defendants’ motion to dismiss the plaintiffs’ consolidated amended complaint. On July 24, 2001, the Court entered the Order granting the plaintiffs’ motion to voluntarily dismiss with prejudice the claims against GST Telecommunications, Inc. On July 25, 2001, the Court finally entered the Judgment dismissing the case.

The original action asserts claims against GST, certain of its present or former directors and officers and others for violations of Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 by reason of defendants' Class Period concealment of their diversion of a multimillion dollar business opportunity from GST to an entity controlled by certain of the Company's directors. The public did not become aware of the directors' theft of this business opportunity until October 22, 1998 when GST filed suit against the board members involved.